The Annual Filing Season Program (AFSP) is a voluntary credential for tax professionals offered by the IRS. The AFSP is right for tax preparers who are not already enrolled agents, certified public accountants, or attorneys. IRS issues a Record of Completion to tax preparers completing 18 hours of tax education and meeting other requirements. What…
Section 179 Calculator: Calculate Your Tax Savings
Section 179 is a type of tax deduction that lets you deduct up to $1 million in equipment and other fixed assets as a business expense on your tax return. This provides significant tax savings compared to depreciating the assets over several years. Our Section 179 calculator helps you determine how much you can deduct…
IRS Form 1120S: Definition, Download, & 1120S Instructions
Form 1120S is the annual tax form used by S-corps and LLCs taxed as S-corps to report their net earnings to the IRS. Similar to partnerships, net earnings pass through to the S-corp’s shareholders. Shareholders report their share of the S-corp’s earnings on their personal tax returns. You can download Form 1120S and prepare the…
FICA Taxes, Unemployment Insurance, & Workers’ Comp for Owners
FICA (Federal Insurance Contributions Act) is a federal law that requires employers to withhold three taxes from their employees’ wages: 6.2% Social Security tax, 1.45% Medicare tax, and 0.9% for anyone who earns more than $200,000. In addition to FICA taxes, you must also cover unemployment taxes and workers’ compensation. If you’re looking for affordable…
Form 941 Instructions & FICA Tax Rate [+ Mailing Address]
Form 941 is a quarterly tax form that tracks FICA tax payments made by employers throughout the year. FICA taxes include Social Security and Medicare taxes with employer rates of 6.2% and 1.45%, respectively. FICA taxes are typically due monthly or semiweekly, and Form 941 is due quarterly. You can download Form 941 here. However,…
Top 27 Business Tax Saving Tips from the Pros
Taxes are an important aspect of running a business. You need to be aware which taxes to pay and when they are due. It can be overwhelming, but planning ahead can help you file on time and claim the right deductions. Here experts share the most effective business tax saving tips you can try. Below…